Old Trading Symbol: RRO - TSX-V
New Trading Symbol: BMC - TSX-V
Shares Outstanding: 112,127,290
HALIFAX, July 2 /CNW/ - Royal Roads Corp. (RRO-TSX-V) ("Royal Roads" or the "Company") is pleased to announce, further to its news release of June 23, 2010, that it has received final regulatory approval for its name change from "Royal Roads Corp." to "Buchans Minerals Corporation". Effective July 5th, 2010, Royal Roads will trade on the TSX Venture Exchange under the new name "Buchans Minerals Corporation". The new trading symbol is "BMC" and the new CUSIP is 11801R108.
The name change marks the beginning of a new operating philosophy whereby the Company will not only continue advancing its most exciting exploration prospects, but will now shift into the realm of early development for its 100% owned Lundberg deposit and actively seek joint venture partners for key prospects.
The first step in the development of Lundberg has been initiated with the launch of a bench scale metallurgical program to test for the recoverability of metals. This program is anticipated to take about 8 weeks and depending on the outcome of the results from this bench scale metallurgical program, the Company will then consider whether or not to proceed with the development of a conceptual mining plan and NI 43-101 compliant preliminary economic assessment ("PEA"). The PEA would also consider a scenario or an opportunity for a central milling facility that will receive feed from not only the Lundberg deposit, but also the Company's Daniel Pond deposit located about 90 kilometers away. The Company will be seeking a joint venture partner to assist with the future development of the Lundberg project.
Forward Looking Statements
Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond their control, and that future events and results may vary substantially from what the Company currently foresees. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE ROYAL ROADS CORP.
For further information: For further information: Royal Roads Corp.: Warren MacLeod, President & CEO, Ph: (902) 472-3520, Windsor, Nova Scotia, www.royalroadscorp.ca; Paul Moore, VP Exploration, Ph: (709) 738-7384, St. Johns, Newfoundland, www.royalroadscorp.ca